The days when there were just a few recurrent regulatory issues in the world of blockchain, cryptocurrency and decentralized finance (DeFi) may now be behind us. For the past few years, regulatory attention seemed to focus mainly on several recurrent issues such as whether a particular token or cryptocurrency was a "security" under federal law—with all the attendant legal requirements and restrictions such a designation carries with it for issuers, exchanges, and buyers and sellers—and the tax consequences of cryptocurrency transactions and payments, given the IRS position that for tax purposes cryptocurrency is property rather than currency. While those issues haven't gone away, recently regulators from a number of different federal, state and, indeed, international bodies have emerged forcefully to raise a host of new issues they find implicated by new developments. As FinTech innovation and products take more ambitious and creative forms, it seems regulators have become more ambitious and creative themselves, and no less determined to act.